The Kibali gold mine remains on track at the year’s halfway point
to meet or beat its production forecast of 750,000 ounces for
2019, says Mark Bristow, president and chief executive of
operator and co-owner Barrick Gold Corporation.
Speaking at a briefing for local media here
today, Bristow said this year marked the 10th anniversary of
the acquisition of the Moto project which since then has been
developed into one of the largest gold mines in the world,
contributing $2.7 billion to the Congolese economy in the
process.
It is also now a full year since Kibali became
the owner-operator of its underground mine, which ranks as one of
the most advanced in the global industry in terms of
automation. The system is currently being developed to the
next technological level, where it will allow manned and unmanned
operations within the same area.
Bristow said a significant feature of autonomous
mining was that it had involved the transfer of specialist
technical skills from expatriate instructors to Kibali’s Congolese
workforce. More than 90% of Kibali’s
5 000 employees and contractors, including its
management, are Congolese nationals.
It is also making a substantial contribution to
the promotion of the local economy through its support of Congolese
contractors and suppliers, which has turned the north-east of the
country into a real commercial hub. During the first half of
this year, Kibali paid some $79 million to its Congolese
business partners. In addition, it continues to develop the
infrastructure around the mine through initiatives such as the
Durba asphalt project which is paving a section of the main
national road to Uganda which runs through the town center.
Ambitious agribusiness projects designed to deliver sustainable
benefits to the local community are also being advanced.
“Ten years ago, we went to a remote part of
Africa and found what we believed was a real world-class
opportunity but one which would require a major investment as well
as a lot of courage to develop. That opportunity became
Kibali, which poured its first gold in September 2013 and
ramped up to full production during 2018,” Bristow said.
“We invested in the DRC without any incentives
provided by the government, only a clear and equitable mining
code. Last year, however, the then Government unilaterally
imposed a new code which we believe puts the Congolese mining
industry at risk and could discourage future investment. We
continue to engage with the Government on this issue, and were
encouraged when the new President, his excellency
Felix Tshisekedi, outlined his vision, of attracting foreign
investment and developing the industry in a spirit of partnership,
to Barrick’s executive chairman John Thornton at a meeting
earlier this year. It is this partnership that enabled the
creation of Kibali and supports Barrick’s search for new
world-class gold deposits in the DRC.”
Barrick Enquiries
President and chief executiveMark Bristow+1 647 205 7694+44 788 071
1386 |
COO, Africa and Middle EastWillem Jacobs +44 779 557 5271+243 820
678 040 |
DRC country manager Cyrille Mutombo +243 812 532 441 |
Investor & media relationsKathy du Plessis+44 20 7557
7738Email: barrick@dpapr.com |
Website: www.barrick.com
Cautionary Statement on Forward-Looking
InformationCertain information contained in this press
release, including any information as to Barrick’s strategy, plans,
or future financial or operating performance, constitutes
“forward-looking statements”. All statements, other than statements
of historical fact, are forward-looking statements. The words
“will”, “develop”, “advance”, “continue”, “enable”, “engage” and
similar expressions identify forward-looking statements. In
particular, this press release contains forward-looking statements
including, without limitation, with respect to: 2019 operating
performance and production guidance with respect to the Kibali
mine; potential advancements in automation technology and the
transfer of related technical skills; value-creating projects
including infrastructure and agribusiness projects; engagement with
the government of the Democratic Republic of Congo in relation to a
new mining code introduced last year; and future contributions to
the economy of the Democratic Republic of Congo.
Forward-looking statements are necessarily based
upon a number of estimates and assumptions; including material
estimates and assumptions related to the factors set forth below
that, while considered reasonable by Barrick as at the date of this
press release in light of management’s experience and perception of
current conditions and expected developments, are inherently
subject to significant business, economic, and competitive
uncertainties and contingencies. Known and unknown factors could
cause actual results to differ materially from those projected in
the forward-looking statements, and undue reliance should not be
placed on such statements and information. Such factors include,
but are not limited to: the speculative nature of mineral
exploration and development; changes in mineral production
performance, exploitation, and exploration successes; diminishing
quantities or grades of reserves; changes in national and local
government legislation, taxation, controls, or regulations and/or
changes in the administration of laws, policies, and practices,
expropriation or nationalization of property and political or
economic developments in the Democratic Republic of Congo; lack of
certainty with respect to foreign legal systems, corruption, and
other factors that are inconsistent with the rule of law; risk of
loss due to acts of war, terrorism, sabotage and civil
disturbances; fluctuations in the spot and forward price of gold,
copper, or certain other commodities (such as silver, diesel fuel,
natural gas, and electricity); timing of receipt of, or failure to
comply with, necessary permits and approvals; failure to comply
with environmental and health and safety laws and regulations;
litigation; damage to the Barrick’s reputation due to the actual or
perceived occurrence of any number of events, including negative
publicity with respect to the Barrick’s handling of environmental
matters or dealings with community groups, whether true or not;
increased costs, delays, suspensions, and technical challenges
associated with the construction of capital projects; operating or
technical difficulties in connection with mining or development
activities, including geotechnical challenges, and disruptions in
the maintenance or provision of required infrastructure and
information technology systems; the impact of global liquidity and
credit availability on the timing of cash flows and the values of
assets and liabilities based on projected future cash flows; the
impact of inflation; fluctuations in the currency markets; contests
over title to properties, particularly title to undeveloped
properties, or over access to water, power, and other required
infrastructure; employee relations including loss of key employees;
increased costs and physical risks, including extreme weather
events and resource shortages, related to climate change; and
availability and increased costs associated with mining inputs and
labor. In addition, there are risks and hazards associated with the
business of mineral exploration, development, and mining, including
environmental hazards, industrial accidents, unusual or unexpected
formations, pressures, cave-ins, flooding, and gold bullion, copper
cathode, or gold or copper concentrate losses (and the risk of
inadequate insurance, or inability to obtain insurance, to cover
these risks).
Many of these uncertainties and contingencies
can affect our actual results and could cause actual results to
differ materially from those expressed or implied in any
forward-looking statements made by, or on behalf of, us. Readers
are cautioned that forward-looking statements are not guarantees of
future performance. All of the forward-looking statements made in
this press release are qualified by these cautionary statements.
Specific reference is made to the most recent Form 40-F/Annual
Information Form on file with the SEC and Canadian provincial
securities regulatory authorities for a more detailed discussion of
some of the factors underlying forward-looking statements, and the
risks that may affect Barrick’s ability to achieve the expectations
set forth in the forward-looking statements contained in this press
release.
Barrick disclaims any intention or obligation to
update or revise any forward-looking statements whether as a result
of new information, future events or otherwise, except as required
by applicable law.
Barrick Gold (TSX:ABX)
Historical Stock Chart
From Aug 2024 to Sep 2024
Barrick Gold (TSX:ABX)
Historical Stock Chart
From Sep 2023 to Sep 2024